A New Financial Player in Town
A Chicago-based firm prepares to disrupt Walla Walla's local banking sector by offering interest on deposits, a practice recently abandoned by local institutions.
The story, cleaned up
A cleaned-up reading of the newspaper page: spelling and layout repaired, one story lifted off a crowded page. It follows the original closely but it is not a transcription. The original page is below; read it if a detail matters.
Walla Walla's new bank, which is to be opened by the Carr Investment and Trust Company of Chicago in the Stencil building at Third and Main streets, will be ready for business January 1. The new bank will be capitalized at $500,000, and will conduct a general banking and trust business. It is the intention to pay interest on deposits. The exact rate of interest has not fully been decided, but will probably be as high as Spokane banks pay, between 3 and 4 per cent per annum. This will be a new departure in Walla Walla banking circles, as local banks have refused to pay interest on deposits in recent years, and as a result considerable local capital has found its way into Spokane banks, where interest is paid.
“This will be a new departure in Walla Walla banking circles, as local banks have refused to pay interest on deposits in recent years.”
The arrival of external capital promising better returns at the expense of local monopolies is a timeless economic story. The struggle to keep local wealth within the Walla Walla economy mirrors modern debates about outside investment and regional economic autonomy.
From readers
No comments yet. If you know something about this story — a correction, a family memory, a source — it belongs here.